Congratulations to all the winners. There is an abundance of material to write about in the north state and the ANC team are dedicated professionals to providing us with the “rest of the story.”
In reply to Harry Markopolos (reality acceptionalist). moar sauces: FAS 158: 2006 accounting rule requiring public companies to account for the cost of future retiree benefits. This standard happened in the wake of worldcom & enron scandals which involved falsely inflated earnings via off-balance-sheet shenanigans. GASB 68: 2012 accounting rule requiring state/local governments to recognize […]
In reply to Leroy. In addition to the listed $33-trillion debt, the US also has $167.7-trillion in unfunded Medicare/Social Security liabilities. pages 183-184: https://fiscal.treasury.gov/files/reports-statements/financial-report/2024/01-16-2025-FR-(Final).pdf That is the present value of the liabilities - the actual future payouts will be much higher. But it is real debt. if your company or state/local government promises pension payouts […]
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